On January 22, 2015, the UK Financial Conduct Authority (“FCA”) imposed a fine on two former senior executives of Martin Brokers (UK) Ltd and banned them from performing significant influence functions at financial services firms. The sanctions relate to compliance and cultural failings that contributed to misconduct relating to the London Interbank Offered Rate (“LIBOR”). The FCA found that David Caplin and Jeremy Kraft contributed to a culture that allowed LIBOR manipulation to take place. They were also found to have enabled the misconduct to continue unnoticed over an extended period of time. David Caplin was fined £300,000 and Jeremy Kraft was fined £150,000. Both individuals settled at an early stage of the investigation and qualified for a 30% discount under the FCA’s settlement discount scheme. These are the first fines issued by the FCA to individuals holding significant influence functions for failings that contributed to LIBOR misconduct.